ISLAMABAD: Muhammad Shehbaz Sharif, the newly elected prime minister, on Sunday spelled out a number of initiatives to net the runaway inflation, high cost of living, price hike, circular debt in energy sector and foreign debts, expressed the optimism that though these challenges existed, but not insurmountable.

In a maiden speech in the National Assembly, the newly elected prime minister also offered an olive branch to the protesting opposition members with ‘a charter of reconciliation’ besides reiterating his insistence on pursuing a charter of economy.

Shehbaz Sharif was, earlier, elected as a prime minister for the second time in a 201-vote count by the newly formed National Assembly about three weeks after the conclusion of general elections, leading to formation of a coalition government.

He said that after the general elections, they had two options ahead of them; either to protect their politics or to save the country, but the allied parties’ leadership preferred interests of the country and resolved to play their role for the bright future of the countrymen.

Shehbaz said that Pakistan was blessed with immense natural resources and talented young people who could steer the country out of the difficulties.

All the segments of society and political leadership should play their part in these endeavours, he stressed.

He said the economic and social challenges were myriad but at the same time, there was an opportunity, if they decided collectively to face them.

The newly elected prime minister said that as per estimates, the budget revenues stood at Rs12300 billion and after NFC award distribution, the federal government was left with only Rs7300 billion, out of which Rs8000 billion had been paid in interest and services charges, showing a deficit of Rs700 billion.

He wondered that from where they would have to get resources for the development, education, health, salaries of the federal employees and the armed forces!

He termed it an unending chain of seeking loans after loans and ‘a grave situation’ for about 250 million people of the country.

Referring to the protest of the opposition members, he regretted that there should be ‘a reign of realization rather than making noises in the house’, adding the history would decide over such tactics.

The newly elected prime minister further said that the country had sought about Rs80000 billion external, internal and private debts in the past.

The issues at hand required a deep surgery and introduction of reforms in the system and various sectors, he said, expressing the confidence that his senior party leadership along with allied parties would get rid of the crippling loans trap.

Shehbaz Sharif said other issues included in energy sector as the power sector alone was burdened with Rs2300 billion circular debt while recovery stood around 2800 billion rupees with Rs1000 billion gap.

About Rs500 to Rs600 billion rupees accounted for power theft whereas, circular debt in gas sector reached to Rs2900 billion, he added.

Shehbaz Sharif further said that it was an irony of the fate that the state owned enterprises (SOEs) were incurring Rs600 deficit annually and cited PIA which had been suffering from losses to the tune of 800 billion rupees in debt.

He maintained that tax evasion and theft in power and gas were matters of gravity for the country, equating them to ‘a bottomless pit’.

“These challenges are difficult though but not impossible to resolve. It is a thorny journey; full of obstacles but the developed nations had overcome all these obstacles,” he observed expressing resolve to lead the country on path of progress and prosperity.

The newly elected prime minister said that they would strive for a network of health and educational facilities, green revolution, and construction of infrastructure and factories.

To resolve these issues, they would utilize the latest technology and innovations, empowerment of women and loans facilities to the youth bulge, adding that he was hopeful to ensure positive effects of these steps trickling down within one year.

Shehbaz further said that about 500,000 students would be imparted the latest training, besides boosting the artificial intelligence and IT exports.

Farmers’ prosperity was linked with the country’s progress, he said, and announced that fertilizers subsidy would be directly provided to the farmers.

Solar tube wells programme would be launched for the smaller farmers, while seeds mafia would be effaced as the government would import quality seeds, he said, adding that the upcoming government would also work to provide these quality seeds to the farmers for one time free of cost initiative.

He also emphasized to work collectively with the support of all provinces to bring revolution in the agriculture sector under the guidelines of SIFC.

The upcoming prime minister also announced laying of an efficient public transport network through the length and breadth of the country which he viewed as a key of progress achieved by the developed countries.

He said that high achievers and performing children would be provided with the scholarships and their expenditures would be borne by the federal government for their education in the world’s renowned educational institutions.

He also underlined the need for quick and speedy justice system with required reforms in consultations with all the stakeholders.

Shehbaz Sharif announced that those jailed women and children who were not involved in heinous cases and completing their prison terms of less than two years, would be released and trained with skills to become useful citizens of the society.

He lamented that on May 9, unthinkable incidents happened in the country’s history and said that the law would take its course and the responsible involved in those incidents who had hatched conspiracy against the country and its security institutions would have to face it, however, he hastened to add that innocents would be spared.

The upcoming prime minister also announced to completely implement the National Action Plan to end the scourge of terrorism forever.

In a veiled reference to the previous PTI’s government, he regretted that for the personal interests, hardened terrorists were brought back and released from jails; which was the reason for a surge in recent terrorist incidents.

To ensure minorities’ rights, it was their joint responsibility under the principles as laid down by the Holy Prophet (Peace Be Upon Him) and guaranteed by the constitution of Pakistan, he added.

He also reiterated ensuring equal rights to the women who comprised about 50 percent of country’s population, adding the nation stood indebted to contributions and sacrifices of Mohtarma Fatima Jinnah and Benazir Bhutto, as well as other prominent female figures in different sectors as the national progress would not be possible without their involvement.